Bitcoin Returns To All-Time High In Canadian Dollar After PM Said It “Destroyed” People’s Life Savings
The price of Bitcoin (BTC) now trades at an all-time high against the Canadian dollar roughly seventeen months after the nation’s leader slammed digital currencies as an “irresponsible” investment.
The asset soared to over $91,500 CAD when the stock market opened on Monday, shattering its previous record of $86,954 established on November 10, 2021. Ten months later, a slew of high-profile corporate crypto failures sent BTC crashing back to $26,000 CAD, which made a great headline for its political detractors.
“Telling people they can opt out of inflation by investing their savings in volatile cryptocurrencies is not responsible leadership,” said Justin Trudeau at the time, while criticizing his political opposition. “By the way, anyone who followed that advice would have seen their life savings destroyed.”
The market has lost faith in the Canadian dollar. @MarcPatrone
Perhaps Blackface Trudeau should have thought about monetary policy and not unlawfully frozen all our bank accounts. #Bitcoin pic.twitter.com/Ld7nBgwgs6
— BJDichter Handy Scapegoat HonkingForFreedom.com (@BJdichter) March 4, 2024
His target, Pierre Poilievre, was then the newly elected leader of Canada’s Conservative Party. During his leadership race, Poilievre catered to Bitcoiners and promoted the asset as a potential inflation hedge, which his opponents across the aisle criticized him for as the coin’s price sunk back to 2017 levels later that year.
Today, Polievre’s Conservatives are dominating Trudeau’s Liberals in national polling, with multiple surveys projecting a landslide majority win for the Tories if Canada held an election today.
Bitcoin merged well with Poilievre’s anti-inflation-focused campaign, for which he blamed Trudeau for reckless government
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